QBiz: Ashok Chawla Quits NSE Amid Aircel-Maxis Case & More
File photo of NSE Chairman Ashok Chawla.
File photo of NSE Chairman Ashok Chawla.(Photo Courtesy: Twitter/@BSEIndia)

QBiz: Ashok Chawla Quits NSE Amid Aircel-Maxis Case & More

1. Ashok Chawla Quits as NSE Chief After CBI Gets Nod for Probe

Ashok Chawla on Friday resigned as the Chairman of the National Stock Exchange (NSE) after the CBI got the Finance Ministry’s nod to prosecute him in the Aircel-Maxis bribery scandal.

Chawla is an accused along with former Finance Minister P Chidambaram in the CBI chargesheet. The NSE, in a statement, said Chawla had resigned with immediate effect “in light of recent legal developments.”

(Source: The Hindu Business Line)

2. Infosys Q3 Results 2019: Firm Announces Dividend of Rs 4, Share Buyback of up to Rs 8,260 Crore

India’s major IT behemoth Infosys has approved a special dividend of Rs 4 per share, and also announced buyback under open market route of Rs 8,260 crore at a maximum price of Rs 800 per share.

Infosys has reported Q3 results below street estimates as net profit came in 12% down at Rs 3,609 crore, in the Oct-Dec quarter.

(Source: Financial Express)

3. Manufacturing Drags Nov IIP to 17-Month Low

Factory output growth slumped to an 17-month low of 0.5 percent in November 2018, plunging from 8.5 percent in the same month of the previous year.

The latest Index of Industrial Production (IIP) print was also lower than the upward revised 8.4 percent year-on-year growth recorded in October 2018.

(Source: The Hindu Business Line)

4. Bharti Airtel to Give Tanzania Bigger Stake in Airtel Tanzania

Bharti Airtel has agreed to give part of its stake in Airtel Tanzania to the government, raising the East African nation’s holding in the mobile phone operator to 49% from 40%, the president’s office said on Friday.

The announcement followed talks in Dar es Salaam between President John Magufuli and Bharti Airtel chairman Sunil Mittal to resolve a dispute over ownership of the Tanzanian mobile operator.

(Source: Livemint)

5. NCLAT Wants IL&FS Asset Sales Monitored by a Former SC Judge

The National Company Law Appellate Tribunal (NCLAT) on Friday suggested that all further proceedings for the transfer of assets of debt-laden Infrastructure Leasing and Financial Services Ltd (IL&FS) should take place under the supervision of a retired Supreme Court judge.

“The appellate tribunal will suggest to the government and IL&FS to get the matter supervised by a retired Supreme Court judge,” said a two-member NCLAT bench headed by its chairperson, Justice S.J. Mukhopadhaya.

(Source: Livemint)

6. Assocham Meets Rbi Governor on NBFC, HFC Crisis

Industry lobby Assocham Friday met Reserve Bank governor Shaktikanta Das and discussed the liquidity issues being faced by non-banking financial companies and housing finance players, and suggested some steps to ease the crisis.

Since taking charge on 12 December, Das has met banks, both public and private sector and also NBFCs and MSMEs. This is the first meeting the governor has had with an industry lobby, though.

(Source: PTI)

7. After World Bank, ADB Forecasts Indian Economy to Grow at 7.3% in FY19

The Asian Development Bank (ADB) on Friday forecast that the Indian economy would grow at 7.3 percent in FY19. On the back of strong investment and GST stabilisation, the growth would improve to 7.6 percent in FY20, news agency PTI reported citing the multilateral funding agency. Besides, India’s funding would be scaled up to $4.5 billion in 2019, it added.

(Source: Financial Express)

8. Govt Fixes Rs 3,214 per Gram Price for Next Series of Gold Bonds

The government has fixed the price at Rs 3,214 per gram for the new series of sovereign gold bonds opening Monday.

The Sovereign Gold Bonds 2018-19 (Series V) will be opened for the period 14-18 January, the RBI said in a statement Friday.

"Government of India, in consultation with the Reserve Bank of India, has decided to offer a discount of Rs 50 per gram less than the nominal value to those investors applying online and the payment against the application is made through digital mode," RBI said in a statement.

(Source: PTI)

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